All aboard the rate-cut train.

A soft US jobs report wasn’t bad enough to prompt recessions fears and instead the market is cheering on a more-dovish rate path for the Fed. There is now 134 bps in easing priced in, which gets the Fed close to 3%. What I worry is that we’re close to maximum easing already priced in, which doesn’t leave much of a Fed put from here if the data continues to worsen.

The S&P 500 is up 22 points or 0.35% to 6525, which is a record high. The Russell 2000 likes it even better as it climbs 1.3%.